Commercial
Mortgages - Mortgage Information
What
is a Commercial Mortgage?
Purchasing
commercial premises can be a very good investment. Owning a property
gives your business stability, and the property itself can become
a significant asset. Alternatively,
you may be buying a business that is tied into the property - for
example a hotel, public house or café. If
you decide to buy premises you'll probably need to consider taking
out a commercial mortgage. Mortgages are usually for 15 years or
more and the property itself is at risk if payments are not made
on time.
Commercial
mortgages can be used for a variety of purposes:
- purchase
of business premises
- expansion
- residential
and commercial investment
- property
development
Most
banks and building societies now offer commercial mortgages. But
you must satisfy the lenders' criteria. Some lenders may accept
applications where there is a bad credit history, but most lenders
require a positive personal credit rating and evidence that your
business is creditworthy.
It
also depends on your business circumstances at the time and the
long-term projections for your business.
Some
mortgage lenders impose restrictions on the uses of commercial premises.
Certain business concerns may be excluded altogether.
List
of Commercial Mortgage Lenders
OCIS
provide general financial information, we urge you to consult an
Independent
Financial Adviser ( IFA )
before making any important decisions about your finances. |
